Hamad pointed out that ensuring compliance not just with principles of Islamic commercial jurisprudence but also with internationally acceptable standards of conduct and discipline was critical to its success, reported the Gulf Daily News, our sister publication.

IIFM is a Bahrain-based non-profit organisation that aims at facilitating unification, Sharia harmonisation and legal reforms in Islamic financial markets.

The CBB official said that IIFM is currently working on several important projects, such as the master collateralised murabaha agreement, sukuk standardisation and more hedging products etc.

"There are vast opportunities to be tapped globally for Islamic finance, not just amongst the Muslim investor community, but in the global financial market. "High standards of disclosure, transparency and governance will ensure sufficient levels of investor confidence that will lead to the development of a market that is robust and credible," he added.-TradeArabia News Service